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Non-Tech : Lake City Gaming: LCG-V -- Ignore unavailable to you. Want to Upgrade?

To: Jerrold Annett who wrote (13)	10/27/1998 3:30:00 PM
From: Jerrold Annett	Read Replies (1) \| Respond to of 124

Here is today's news release. Q1 financials in two weeks Lake City Gaming Corp. LCG VSEAdd to PortfolioOctober 27, 1998 21,000 Square Foot World Class Casino At Grand Okanagan Resort ROYAL HOST REAL ESTATE INVESTMENT TRUST ("RYL.IR-T") LAKE CITY GAMING CORP ("LCG-V") - 21,000-Square-Foot World Class Casino At Grand Okanagan Resort Royal Host's Grand Okanagan Resort and Conference Center in Kelowna, B.C. is adding another major amenity to an already impressive facility. Construction of a casino at the Grand Okanagan is well underway. The casino will complement the Grand Okanagan's multi-million-dollar spa/pool complex. The resort's expansion also includes construction of a second tower of guest rooms. "The Grand Okanagan is poised to become British Columbia's first casino destination resort," says Randy Royer, president and CEO of Royal Host of Calgary, Alberta, which owns the Grand Okanagan. "The unique combination of the spa, fitness facilities including indoor and outdoor pools, the casino, dining, and nearby golf, skiing and water sports on Okanagan Lake will make the Grand Okanagan a resort offering 12-month entertainment and recreation." The Grand Spa, a European-style facility offering therapeutic body treatments, relaxation massage, marine treatments and full aesthetic services, was the first step in the Grand Okanagan's ambitious expansion plans. The newly-opened spa incorporates pampering treatments, nutrition, top notch fitness equipment and a luxurious indoor pool in addition to an existing outdoor pool and indoor/outdoor whirlpools. The Grand Okanagan has signed a long-term lease with Lake City Casinos to operate the casino. The charitable casino, which has received all applicable government approvals, will be on the second floor of the hotel's new north tower. Waterfalls, rock walls, ceiling and wall murals will give the 21,000-square-foot casino a casual ambiance with a "Caribbean Cruise Ship" theme. The casino will house 20 gaming tables plus 300 slot machines. The opening date is planned for May 23, 1999. Lake City Casinos operates several existing casinos in British Columbia and is 100% owned by Lake City Gaming Corporation, a publicly-traded company listed on the Vancouver Stock Exchange. The Grand Okanagan is Kelowna's premier lakefront resort and conference center, with 205 bedroom units, 150 hotel guest rooms, 30 vacation suites and 25 time-share vacation homes; the conference center has 14 meeting rooms with facilities to accommodate up to 1500 people. The hotel's expansion will add 120 guest rooms and suites in a second tower, bringing the total to 325 rooms. The expansion is due for completion in June, 1999. Royal Host is a closed-end Real Estate Investment Trust (REIT) with a national portfolio of 36 hotels and over 4400 guest rooms, competing primarily in the high-margin, mid-market segments. Royal Host units are traded on an installment receipt basis on the Toronto Stock Exchange (RYL.IR). TEL: (403) 292-0933 Randy Royer, president and CEO, Royal Host or Peter Sikora, CFO, Royal Host ______________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. This Report Updated by Canstock at 12:08:47 Pacific Time ------------------------------------------------------------------------